Fresh from the ETH Warsaw event in Poland, our team headed to South Korea to join the Korea Blockchain Week (KBW23), one of the major blockchain and crypto conferences in Asia, organized by our friends from Factblock and Hashed.
One of the highlights of KBW23 was Arthur Hayes, co-founder of BitMEX, proclaiming that Bitcoin has been in a six-month bull market since the FDIC's takeover of Silicon Valley Bank on March 10.
#KoreaBlockchainWeek : @CryptoHayes was in the house!
— Sarah Ⓥ (@Sarah_Nabaa) September 6, 2023
“where the f*** is the bull market?”
That was the subtitle of his keynote, an overview of Macro for 2H23 where he walked us through his correlation of interest rates and price of Bitcoin and of course, my crypto brothas… pic.twitter.com/NOQx7y0Q2D
Hayes also believes that the rest of the market will catch up to this Bitcoin trend in the next six to twelve months, and he's pretty confident that Bitcoin can handle whatever comes its way economically.
WOOing Korean communities to expand in Asia
WOO’s strategic plan involves becoming fully compliant and making a significant impact in the South Korean market, which has the largest market for active traders in terms of volume. South Korea's combination of market potential, a robust developer community, and active crypto trading activity make it an attractive destination for WOO’s expansion efforts, aligning with its broader global growth strategy, according to WOO Head of Product Bryan Chu.
“WOO has recently taken steps to focus more on Korea, with the WOO token listed on major Korean exchanges, WOO X in the final preparations for being whitelisted on Bithumb and Coinone, and WOOFi’s recent partnership with Burrito Wallet.
This marks the start of WOO’s entry into the local ecosystem and we are very excited to further work with local projects to further build our presence,” Chu said at the Impact stage.
In an exclusive announcement, Chu revealed plans for its first-ever Launchpad project, offering traders and enthusiasts an opportunity to engage with groundbreaking blockchain innovations.
“On the WOO X side, we will be having our first Launchpad project very soon so definitely stay tuned for that. We are also looking for project listing partnerships to support the ecosystem further. As for WOOFi, we have an ongoing broker program where we are looking for partners utilizing our liquidity who can earn stablecoin rebates based on volume,” Chu noted.
Why South Korea?
The smorgasbord of robust exchanges, and a tech-savvy population has earned South Korea a reputation as a crypto oasis. As of 2023, the country is estimated to be the third-biggest cryptocurrency market in the world, and the Korean Won now ranks among the top five most traded currencies for Bitcoin.
Institutional investment has risen sharply with South Korea’s National Pension Service (NPS) recently investing 2% of its total $2.6 billion fund into crypto to diversify its portfolio. It’s an extremely exciting time for Korea from a crypto perspective with many signs pointing toward a promising future, and WOO Network is eager to act now before this trend intensifies in the coming years.
Prior to KBW23, WOOFi announced a significant partnership with Burrito Wallet, a subsidiary of South Korea's prominent crypto exchange Bithumb, with 8 million registered users and consistent daily volume surpassing $5 billion. The partnership will introduce Korean crypto enthusiasts, who have primarily engaged in Centralized Finance (CeFi), to the world of both CeFi and DeFi.
The partnership will see WOO Network’s decentralized swap ‘WOOFi’ featured prominently on the main page of Burrito Wallet. In unison, WOOFi will add custom support for Burrito Wallet, making it an attractive destination for Koreans who wish to leverage WOOFi’s one-click cross-chain swaps, single-sided yield, and revenue sharing.
Related story: Arthur Hayes thinks AI DAOs will be untouchable from regulators, driving DeFi monopolies past TradFi
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